20 Aug Building your own home could save you money
The housing market is in a bit of a crisis at the moment; the demand for new homes is hugely outstripping the supply of properties to the market, leaving many families in limbo.
So, what do you do if you can’t find a property that suits your requirements? Build one yourself. Yes of course we think this is a great solution, but you might be surprised just how good an option it can be for you, your family, and your future.
If you are unsure of your options, give us a call on 01753 392 410 or email us.
As new-build homes need to satisfy high energy efficiency standards, they typically perform much better from an energy usage standpoint than most existing homes. Newer structures have lower utility bills as a result and can even be located in more expensive areas without worrying about the upkeep costs.
According to the Ministry of Housing, Communities & Local Government, 83% of new-builds were awarded EPC ratings of A or B while only 3% of existing homes were awarded the top two grades.
Building your own home will save you money on your energy bills, especially as they have to include superior levels of insulation (floor, wall, and roof) and A* rated external windows & doors. You will also be able to spec out modern appliances and heating which make running a modern house more efficient and cost-effective. New build houses are a great way to reduce your carbon footprint.
Warranties can save you money on repairs
Homes that have to comply with the Consumer Code for Home Builders (including those offered under the government’s Help to Buy equity loan) are required by law to register their home with a housing warranty insurance provider.
There are a number of warranty products on the market that will help to give peace of mind for the first decade after the construction of the property and protect your investment. These products tend to cover any major structural defects to your home, and can potentially save you money on problems that arise – and repairs that are needed – during the life of the warranty.
Having no chain reduces risk
When building a property for yourself, you don’t tend to be as reliant on a chain of buyers and sellers all jockeying for position. This reduces the risk of your purchase falling through and losing the money you have spent getting to that point. The transaction process should also be smoother as you are not waiting on several parties to sort finances, properties, and logistics – simply sell your home and release your profit, ready to reinvest in your bespoke home.
When you build a home to your own spec, you are future-proofing your home. This means that you won’t have to start making alterations down the line. Having the ability to fully customise your new home from the outset will enable you to choose fixtures and fittings to your taste; something as simple as changing the positioning of plug sockets can be messy and expensive if you are buying an existing property.
Low repair costs
When you build a property, most major repairs and some minor repairs will be covered by your warranty (see above). However, if you’ve damaged something since moving in and it needs repairing, generally it will cost less to repair than some things you may inherit when moving into an older house. It is also much less likely that you’ll need any repairs in the first few years of living in your new home – a lower level of maintenance = savings for you.
White goods with warranties
When it comes to your appliances for a new build home, such as fridges, freezers, cookers, and washing machines – you are almost definitely going to be buying them all brand new. Not only would your 20-year-old washing machine look dreadful in your shiny new utility room but, modern machines are more eco-friendly and will come with warranties and guarantees.
This means there’ll be little to no costs involved in repairing them should they become faulty.
Higher sevels of security could mean cheaper cover
A new-build house would typically have an advanced security system which would include a remotely accessible burglar alarm and CCTV. This will reduce the risk of burglars breaking into your home and in turn, can help you significantly decrease the cost of buildings and contents insurance premiums.
Saving on moving again
This might be the biggest saving you can make by building your own home. When you are developing the spec for your new home, you will be thinking in the long-term; it’s likely to be your forever home and so you are unlikely to move again. Think about the thousands you’ll save on Stamp Duty, estate agent commission, and solicitors’ fees.
Get in touch
If you would like to learn more about how we can help you to build your perfect home efficiently and expertly, please contact us on 01753 392 410 or email us. You can also find us on Facebook, Twitter, Instagram, and LinkedIn – we would love to hear from you.